the first round of grants and loans were designed very conservatively to ensure that all eligible business were able to participate. In practice, that meant EIDL Advance and loan amounts were based on the number of employees:
If you were a recipient of an EIDL loan, you should be tracking how you are spending the loan proceeds. You are responsible for a) spending the money according to the terms and b) demonstrating that you have done so. This means, that you need a simple tracker to keep a clear and acc...
Please note that these loans are not intended to replace lost profits and are not for expansion. The loans cannot be used for the same purpose as a PPP loan. Interest Rates: 3.75% for small businesses; 2.75% for nonprofits. Payments: Deferred for one year. Term: Determined on a case-by...